Jack Kemp: “I believe that this treatment of any Government official who deviates from the official administration line that the…”

Yes, it really did. I heard the previous speaker say that the economy had high unemployment and high inflation at the same time. And the simultaneity of inflation/unemployment could not be met by conventional methods of Keynesian Economics.

I said, Mr. President, just follow your instincts in that debate, your instincts are what got you here and that's what will win you the presidency in my opinion.

So Paul Volcker brought down inflation with a very tight monetary policy. And Ronald Reagan deregulated and cut tax rates, not taxes, tax rates.

The rich ended up paying more taxes. I think 55 percent of all tax revenues to the federal government are paid by that top 2 percent of people in this country.